Skip to main content

Second-Party Opinion Download

Project Details


Kellogg Sustainability Bond Framework Second-Party Opinion (2021)


Kellogg Company

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

May 2021

Evaluation Summary

Sustainalytics is of the opinion that the Kellogg Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018, and Social Bond Principles 2020. This assessment is based on the following: 


The eligible categories for the use of proceeds – Food Security and Sustainable Food Systems, Renewable Energy, Energy Efficiency, Circular Economy, Environmentally Sustainable Management of Living Natural Resources and Land Use, Green Buildings, Sustainable Water and Wastewater Management – are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDGs 2, 6, 7, 9 and 12.


Kellogg intends to follow an internal process for evaluating and selecting projects (“Eligible Projects”) which culminates in final review and approval by the Chief Sustainability Officer and the VP, Treasurer. Sustainalytics considers the project selection process in line with market practice.


Kellogg’s Treasury department will be responsible for monitoring and allocation of proceeds to Eligible Projects. The Company intends to fully allocate proceeds within 36 months. Pending allocation, net proceeds may be temporarily invested or otherwise maintained in cash, cash equivalents, short-term investments, or used to repay other borrowings, among other general corporate purposes. This is in line with market practice.


Kellogg intends to report on allocation of proceeds on its website annually (first report to commence in the subsequent calendar year to issue) until full allocation through a Sustainability Bond report. Allocation reporting will include the amounts allocated on a category level, the balance of unallocated proceeds. In addition, the Company intends to report on the social and environmental impact metrics. Sustainalytics views Kellogg Company’s allocation and impact reporting as aligned with market practice.